Top 10 Angus Deaton Quotes

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The call to rein in globalization reflects a belief that it has eliminated jobs in the West, sending them East and South. But the biggest threat to traditional jobs is not Chinese or Mexican; it is a robot.

Inequality is not so much a cause of economic, political, and social processes as a consequence. Some of these processes are good, some are bad, and some are very bad indeed.

Although globalization and technological change have disrupted traditional work arrangements, both processes have the potential to benefit everyone. The fact that they have not suggests that the wealthy have captured the benefits for themselves.

Despite broad public support, raising the minimum wage is always difficult owing to the disproportionate influence that wealthy firms and donors have in Congress.

Broadly shared progress can be achieved with policies that are designed specifically to benefit consumers and workers. And such policies need not even include redistributive taxation, which many workers oppose. Rather, they can focus on ways to encourage competition and discourage rent-seeking.

The first thing we need to understand when we think about globalization is that it has benefited an enormous number of people who are not part of the global elite.

Policies aimed at reversing globalization will lead only to a decrease in real income as goods become more expensive.

It is true that globalization has fueled greater income inequality. But much of this increase should be welcomed, not condemned. There is nothing inherently bad about inequality. Whether it is bad depends on how it comes about and what it does.

International development aid is based on the Robin Hood principle: take from the rich and give to the poor.

The globalization that has rescued so many in poor countries has harmed some people in rich countries, as factories and jobs migrated to where labor is cheaper.

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